I base everything in my life off the non-aggression principle. This is the idea that we do not initiate violence against peaceful people. Typically, I like to condense it to “we don’t hurt people and we don’t take their stuff.” This means that all decisions I make are rooted in a moral code that most everyone can agree with.
Private Property Rights
I believe in the idea that we have self-ownership. This means that we own our bodies and therefore our bodies are the basis for private property. From here we can conclude that our labor is our property as well. If we keep following this through the logic of John Locke, we can conclude that when we mix our labor with scarce resources, we develop private property and can continue to trade, barter, and purchase other items which then become our property.
Austrian economics is a set of principles and ideas about the government, individuals, and the world. Austrians believe that only individuals make decisions. Basically, a corporation’s decision is merely that of a group of individuals each making several of their own decisions. Market economies are based off of mutually beneficial trade. Two people trade and each are better off than they were before. What makes this unique is the individual making their own decision to trade their private property for other’s property in which ownership is exchanged. Austrians also claim that cost is subjective and chosen by the individuals that want the product or service. Markets are controlled by price and choice of individuals who own private property.